world

Tesla asks shareholders to reinstate Elon Musk's $55 billion pay package

Font size+Author:Global Grooves news portalSource:health2024-05-21 16:42:49I want to comment(0)

DETROIT (AP) — Tesla will ask shareholders to reinstate a $56 billion compensation package for CEO E

DETROIT (AP) — Tesla will ask shareholders to reinstate a $56 billion compensation package for CEO Elon Musk that was rejected by a judge in Delaware this year, and to move the electric car maker’s corporate home from Delaware to Texas.

In a filing with federal regulators early Wednesday, the company said it would ask shareholders to vote on both issues during its annual meeting on June 13.

In January, Chancellor Kathaleen St. Jude McCormick ruled that Musk is not entitled to a landmark compensation package awarded by Tesla’s board of directors that is potentially worth about $55.8 billion over 10 years starting in 2018.

Five years ago, a Tesla shareholder lawsuit alleged that the pay package should be voided because it was dictated by Musk and was the product of sham negotiations with directors who were not independent of him.

Related articles
  • Ricky Stenhouse punching Kyle Busch could lead to suspension

    Ricky Stenhouse punching Kyle Busch could lead to suspension

    2024-05-21 16:37

  • China secures ITTF World Cup titles

    China secures ITTF World Cup titles

    2024-05-21 16:10

  • Faye Dunaway's wildest moments! Fiery Oscar

    Faye Dunaway's wildest moments! Fiery Oscar

    2024-05-21 15:25

  • Former adviser to Nigel Farage who had four

    Former adviser to Nigel Farage who had four

    2024-05-21 14:35

Netizen comments